Estate administration, in basic terms, is the procedure of maintenance and distribution of a person's assets after they die.
If the decedent wrote a will before his or her death in Panama City, Florida, the process will be carried out according to the directives included in the will, assuming they are legitimate and enforceable.
Typically, wills assign an executor who is responsible for overseeing the administration of the estate, and seeing that its provisions are carried out, to the extent possible.
The executor is frequently the person who will get the most money or property out of the will if it is given effect, because this is the person who will have the greatest incentive to see that the probate process goes as rapidly as possible.
What if The Will Does Not Name an Executor?
If a Panama City, Florida will does not name an executor, or no will exists or can be found, it's up to the local court to determine who should be the executor.
This is most frequently the person who would inherit most under the will, or under the intestacy scheme of Florida. Intestacy is when a person dies without having made a will, or if a will turns out to be invalid. The intestacy laws of each state control how property is distributed in such a situation. In most states, it simply goes to the closest living relative.
If no executor is named in the will, anyone with a share in the will can apply to the court in Panama City, Florida to be the executor of the estate, if they wish.
Whoever is assigned to serve as executor, it is their job to act as the representative of the estate. Among other jobs, they have to account for the decedent's debts and assets, and inform any beneficiaries who might be unaware of the situation.
Can a Panama City, Florida Estate Administration Attorney Help?
Some people are surprised when they find out they've been named the executor of a relative's estate. The responsibilities can seem daunting, but with the help of a reliable Panama City, Florida attorney, the process almost always goes pretty smoothly.